USII Unit I Quiz Review

The cost of a choice is the value of the next best alternative given up when a choice is made.

Its goal is to supply enough food, housing, and other basics to meet the needs of everyone in the country. 

As supply for a product increase, the price will likely

"There is no such thing as a free lunch" means that...

The purpose of an investment is to

Functions under the laws of supply and demand.

Creates a central economic plan. The five-year plan sets economic and societal goals for every sector and region

Protects private property and limits government powers by protecting people from unreasonable searches and seizures.

 Protects free enterprise and freedom of choice by prohibiting states from taxing each other’s goods and services.

Allocates all resources according to the central plan.

Which is NOT true of stocks?

True or False: There are NO RISKS to an investment?

Protects the ownership of private property. And prohibits the state from taking away property without due pro

Economics is...

As demand for a product increases, the price will likely

 Economy hurts those that are unable to compete, contributing to income inequality.

Which of these IS NOT involved in economics?

Competition drives the economy as it optimizes efficiency and innovation.

Set prices and distribute goods and services.

It tries to use the nation's capital, labor, and natural resources in the most efficient way possible.